Time Inc. Plans To Sell Majority Stake Of Essence Magazine

Essence Magazine has been a pillar of black journalism for the past 47 years. The magazine possess a folksy tone with a keen “sister-girl” insight, the brand has continuously broadened beyond the print world to comprise an annual festival that features performances, appearances, and forums from black celebrities, musicians, and personalities.

And with its recent distinguished feature in the box-office summer hit movie “Girls Trip,” Essence seems to still be as relevant as ever.

Blavity reports that in spite of the brands thriving events, business and expanding digital audience, Time Inc. announced that it wants to sell a majority stake in the monthly African American women’s lifestyle magazine.

Per the Wall Street Journal, the trade is part of a planned move by Time Inc. to concentrate more on its core brands — People, InStyle, and Real Simple, and TIME.

Vibereports that Rich Battista, Time’s chief executive, claimed that Essence’s “events business” and growing digital presence is the leading reason for pursuing a new investor, “A new investor might have the resources to enable Essence to expand its growing events business at a time when many publications are seeking new revenue opportunities,” Battista stated to the WSJ.

Regardless of Battista’s view of Essence as a core brand, he is hoping for a concrete deal by the end of the year. Time stock has traded up almost 3 percent since the original announcement.